Giordano’s, one of the most popular places for stuffed pizza in Chicago, announced this week that it is has filing for bankruptcy protection.
Crain’s Chicago Business reports that Giordano’s, which has six locations in the Chicago area and 35 franchise locations, defaulted on real estate loans. Owners of the business say the restaurants are still doing well.
“This case is about the real estate market collapse,” attorney Michael Gesas told Crain’s. “The pizza business is very healthy and very good. This was to protect and cover payroll and vendors.”
Argentinian immigrants Efren and Joseph Boglio founded Giordano’s in 1974. John and Eva Apostolou, the current owners, took control of the restaurants in 1988.
The Tribune reports that the Apostolou family won court approval Thursday to use some of its $36 million bankruptcy loan to continue operating the restaurants.
All locations will remain open for the time being.